Managing Finance in Public Sector

9 Pages2712 Words329 Views

Added on 2019-12-28

Managing Finance in Public Sector

Added on 2019-12-28

BookmarkRelated Documents

Managing Finance in Public Sector

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3LO1 .................................................................................................................................................31.1 Analyzing the different organizations in the public sector....................................................31.2 Assessing the accountability of public sector managers in relation to finance......................41.3 Analyzing financial information reported for different public sector organizations.............4LO 2.................................................................................................................................................52.1 Analyzing financial information and evaluating its use for decision making ......................52.2 Assessing areas to be monitored and demonstrating its achievement...................................52.3 Analyzing different types of financial decision and demonstrating techniques to supportdecision........................................................................................................................................6LO 3.................................................................................................................................................63.1 Determining process to put out project to tender...................................................................63.2 Analyzing evaluation of public sector tender and suitable suppliers selection.....................7CONCLUSION................................................................................................................................8References........................................................................................................................................92

INTRODUCTIONManagement of finance in public sector is the crucial aspect because it involves numberof efforts by management so as to operate business in an effectual manner. This aspect givescertainty for future business activities with effective allocation of financial resources. Presentreport covers analysis of different organization in the public sector along with their structure.Furthermore, accountability of public sector managers in relation to finance has been assessedeffectively. In addition to this, analysis of financial information as well as evaluation of financialinformation for decision making and control has been done. In addition to this, different types offinancial decision and techniques to support decision making are also analyzed.LO1 1.1 Analyzing the different organizations in the public sectorThere are different organizations in the public sector which are explained as follows-Local councils-It is operated at local basis under the inspection of government. Forexample health care of UK works with collaboration of local councils which provideimmense support in successful running of the business. It also consists of Care QualityCommunication and other regulatory authority thereby health care industry of UKensures ethical aspect (Andrew, 2004).Governments agencies-There are several government agencies which are directed andoperated by the government of UK and are accountable towards ministries ofgovernment. These agencies are provided financial support from UK government so theycan effectively inspect operation of health care industry in nation (Hildreth, 2008).NHS trust- National Health Service Trust has wide network of health care settingsthrough which health care services are provided across nations. This includes structuralhierarchy of board thereby all business activities are performed (Phillips, 2009). Itprovides immense support in providing good quality of care services to large number ofvisitors or sufferers.Quasi Autonomous Non government organization (QUANGO)-It includes fourdistinctive bodies such as Advisory NDPB, Tribunal NDPB and Executive NDPB as well3

End of preview

Want to access all the pages? Upload your documents or become a member.

Process of Managing Financial Resources | Report

|11

|3367

|133

Report on Managing Finance in Public Sector

|18

|5840

|153

Importance of Financial Control and Budgeting in Health and Social Care

|16

|4970

|360

Legal, Financial, and Regulatory Environment of Health and Social Care

|1902

|46

Financial Management Principles for Effective Financial Strategies

|18

|5145

|79

Public Health and Social Care: The Role of Public Health in Health and Social Care

|16

|4690

|445

Managing Finance in Public Sector